Aid to price estimation



00L E5 1940 J. c. ALLEN 2,237,8

AID T0 PRICE ESTIMATION Filed Feb.` 1s. 1932 7 sheets-sheet 1 lggl., 2%.,

1/ 1 4/ @J5/m 'ZZQW INVENTOR.

Oct. 15,' 1940. J, c, ALLEN AID T0 PRICE ESTIMATION Filed Feb. 18, 1932 7 Sheets-Sheet 2 w www J/m @Allem .INVENTOR.

w @www oct. 15,- 1940. 1C. ALLEN l 2,217,831

AID T0 PRICE ESTIMATION Filed Feb. 18, 1932 '7 Sheets-Sheet 3 I FW-L i V'/101" I /Y 102 :C 100 l i I 12@ I9 /20 g I u I 194 jg; j )V 114 115 los ff j@ ZIP ww .10.9 HJ/2 121 j?? INVENTOR.

J. C. ALLEN AID To APRICE: ESTIMATION Oct. 15, 1940.

7 Sheets-Sheet 4 Filed Feb. 18, 1932 Jam @gluem n INVENToR.

Oct. 15, 1940. l J. c. ALLEN 2,217,831

AID TO PRICE ESTIMATION Filed Feb.. 1 8, 1952 v' snee'tsheet s 70km AZZen/ INVENTOR.

0t 15, 1940- J. c. ALLEN AID T0 PRICE ESTIMATIUN Filed Feb. 18, 1932 '7 Sheets-Sheet 6 .7057 ZZeW JNVENTOR.

Oct. 15,' 1940. |0 C. ALLEN 2,217,881

AID T0 PRICE ESTIMATION Filed Feb. 1s, 1932 v sheets-Sheet 'f R. wm n N N 1-5-1---- www, www. m .I T MNH@ a, M M, :YB 6m v u0 tm M @kv 1M 4 NN mm Sw J Y E@ NNN MN j WMA Patented Oct. 15, 1940 UNITED STATES PATENT OFFICE AID TO PRICE ESTIMATION New York Application February 18, 1932, Serial No. 593,773

Claims.

This invention relates to metods and means for graphically recording changes in the market values of commodities and recording thev volume of the transactions or barters in the same com- 5 modities which occurred either simultaneouslywith or immediately preceding the change in value or during fixed time intervals. It also relates to methods and means for graphically recording average values of a group of commodities, in respect to price and volume of transactions therein.

In previous recording methods applied to the prices and transaction volumes of such commodities, the records either have shown the isolated sales and prices expressed in figures and intermingled with one another, as in the familiar ticker tape, or else have shown the price at the end of a plurality of transactions, and the sum total of the transactions.

2 Both of these methods of recording have many disadvantages which are overcome by my invention. IFor example the ticker tape demands an operator to segregate and compute the prices and transaction volumes of the desired commodities from other such figures relating to other commodities. This demands unremitting attention on the part of the operator, and the results of his labors are then only visible to a comparatively few persons in the immediate vicinity.

Furthermore the delay needed to perform the segregation and computations is highly undesirable. Y

The other method of representation which adds together a number of transactions and gives prices before and after such a number of individual transactions has many disadvantages. For example, such results are necessarily discontinuous and can only be supplied over rapid communication lines to a large number of interested persons at widely separated intervals, during which intervals no knowledge can be gleaned from the records as to the present and .immediate changes of price and volume of transactions. Today it often is of great economic importance to those buying and selling such commodities, especially stocks, bonds and the like, to know as soon as possible after they occur, such changes of price and the volume sold at a given price level.

The prices and volumes referred to may be those of a single commodity or may be those of a selected group of commodities which are often taken as representative of average values in respect to prices and volumes. Present graphical methods of recording are all subject to such time lag as to render them of greatly decreased or of no value to persons engaged in such transactions. Another feature of great value for the persons who barter in such commodities is to be aware of the price change resulting from a given single transaction. Since some transactions represent the result of bids by buyers and others the result of offers by sellers, and since these two classes of transactions may have di'erent effects upon the prices, which effects often may be diametrically opposed, a lumping together of diverse transactions, some of which may be of these opposite characters, may cause the cany cellation of the eiects of the individual transactions. That is, the algebraic summation may be nil or even contrary to the trend of price level at the exact instant when such respects, which lmnp together a plurality of transactions, are available to the traders in such commodities. Another desirable feature of recording systems is to be able to know at all times the average price of a certain selected group of commodities. Such continuously recorded averages are not possible with any system of recording now in general use. My invention has for one object to avoid the inconvenience and faults of the above mentioned methods, by recording or registering each and every price change almost instantly after its occurrence and then recording or registering the 3 total volume of sales which occurred at the price level prevailing before the change therein.

Another object of my invention is to record the changes of price and the volume of sales upon such scales and in such relationship to one an= other that the observer can readily see their relationship both as to values and as to time of occurrence.

A further object of my invention is to allow such records to be rapidly distributed, as, for example, from a central point to one or more distant points.

A still further object is to allow a distributing service to be maintained by one central station, serving a plurality of separated subscribers to the service therefrom.

Another object of my invention is to allow a trader in a given commodity to see graphically and concisely the movements, as to price and volume of sales, of the commodities in which he 'is interested, freed from the mass of irrelevant data which usually surrounds them, when recorded on the ticker tape.

Another object is to cause recording mechanism at a subscriber's station to move only when a pertinent change has occurred in the commodity or commodities in question.

A still further object of my invention is to secure a record of the exact numerical average of price and/or volume of a certain selected number of such commodities as represented by stocks, at given intervals of time of very short duration, such as the few minutes or less often elapsing between the successive sales which may cause a change in these average values.

Another object is to furnish a record of the total amount of sales that have taken place in a given group of commodities at certain brief intervals of time.

Another object is to furnish upon a single record sheet graphical indications both of the average price of a group of commodities and the total sales of this same group of commodities, both of these graphical records having a common time scale, so that their relative past and present positions can readily be seen in relationship to one another.

Another object of my invention is to show upon a single record sheet one or both of the graphical representations illustrating average prices and average or total volume sales, together with another graphical representation, made with the same time scale by recording the total volume of sales at intervals which are determined by the instants when the average price curve undergoes some alteration of value.

Further objects and advantages of my invention will be apparent from the following description and drawings, where:

Fig. 1 is a chart illustrating one form of record made according to my invention.

Fig. 2 is a plan view of one form of mechanism which can be used at a data broadcasting point or central station to send electrical impulses which may produce the continuous line price record seen in Fig. l.

Fig. 3 is an elevation in cross section at the line 3-3 of Fig. 2, shown on an enlarged scale.

Fig. 4 is a detail side elevation partly in cross section on the line fl--ll of Fig. 2 of the mechanism of Fig. 2, shown on an enlarged scale.

Fig. 5 is a plan view of the face of one form of mechanism to transmit the signals producing the volume record at the bottom of Fig. 1.

Fig. 6 is an elevation in cross section of one button of the mechanism of Fig. 5.

Fig. 7 is a partly schematic elevation of one form of recording mechanism for producing the volume record at the bottom of Fig. 1.

Fig. 8 is a detail of one form of pen restoring mechanism as used in Fig. 7.

Fig. 9 is a detail of the upper portion of the signal receiving rack of Fig. 7.

Fig. 10 is a detail in cross section of the restoring mechanism used to re-set the signal rack of Fig. 7.

Fig. 11 is an elevation partly in cross section of one form of a device for securing the price record line of Fig. 1.

Fig. 12 is a partly schematic view of one form of a device for moving the paper record strip of Fig. 1 intermittently beneath the styli which make the records thereupon.

Fig. 13 is a schematic electrical diagram of one form of circuit for connecting together the foregoing various mechanisms of my invention.

Fig. 14 is an alternative form of chart which 'can be produced by my invention.

Fig. 15 is a vertical elevation, partly in cross galassi section, of one end of the signal receiving portion of an electrical averaging device.

Fig. 16 is a vertical section through wheel 55| and associated electrical contact elements of Fig. 17.

Fig. 17 is a front elevation of part of the mechanisms of Figs. 15 and 16 including the mechanical parts interconnecting them and showing the numerical indicating device.

Fig. 18 is a schematic electrical diagram of one form of circuit including the averaging device, the signal transmitter and the recording mechanism.

In Fig. 1 the upper line 2U represents the price of the commodity which is being recorded according to my invention. The horizontal portions of this line may conveniently be recorded by causing a recording stylus or pen to remain opposite the desired point of the vertical scale shown at the upper portion of the left extremity of this ligure, while the paper is moved in a horizontal direction beneath the stylus for a given distance.

The vertical portions of this upper line may be produced by causing the pen to move in a vertical direction while the paper is held stationary beneath it.

The scale 20 at the upper left portion of this gure is shown as graduated in units and cieeighth of these units and may be either upon the paper as shown or upon a stationary frame beneath which the paper passes in its movement. This is a customary scale as used in recording the price of commodities, such as stocks, bonds, etc., but it is understood, of course, that this scale may be of any suitable nature and may be arranged to be readily shifted to give different sets of Values, by any suitable means which do not form part of my invention. It is also understood that the relative motion of the recording stylus and the paper upon which it records may be secured in any other convenient fashion, such as by holding the paper stationary and causing the pen to move in a horizontal direction.

The discrete vertical lines 2| at the bottom of this iigure may be produced by a similar recording stylus which moves in a vertical direction and returns to the bottom or non-recording point during intervals while the paper is held stationary. When the paper is moved horizontally the pen which makes this record will either be completely oir the record paper or will record upon a portion of the same which may be shielded from View. A w

In this form of chart the lower record may represent the volume of transactions in the commodity whose price is represented by the upper line. A scale 2| in any suitable-units, such as the one illustrated at the lower leftof the figure, may be employed to indicate the approximate absolute value of the volume of sales.

A convenient unit often employed for recording sales of stocks and bonds is that of share lots, in which case the numbers at the lower left side of this iigurey are each to be multiplied by 100 to represent the actual number of shares traded, in the case of the chart illustrated here- In the case of this lower record it is also to be understood that the lateral displacement of successive vertical lines may be secured by any device giving a relative horizontal motion between the recording pen and the paper, such as a movement of the paper or of the pen itself in a horizontal direction.

A'ns

The upper or price line and the lower or volume line in this gure may bear certain relations to one another according to the following principles.

The upper line moves one unit in a horizontal direction, such as toward the right, and then remains stationary until the price of the given commodity is altered, either up or down. When this alteration occurs, the pen making this line is moved a corresponding number of units in an upward or downward direction, and then another relative horizontal movement of pen and paper of one unit is made, the system finally coming to rest.

The lower vertical lines represent the volume of trading which has occurred in the given commodity during the interval when its price level remained unchanged. These lower lines represent numerical factors which are secured by the addition of individual sales occurring while the commodity remains at one price level. Accordingly an adding operation is necessary before the value of these vertical lines can be known, while the change of the price level indicated by the upper pen can be enregistered as soon after it occurs as the mental and physical reactions of the observer have occurred and the operation of the actuating and recording mechanism hereinafter described has taken place.

It will usually be found that an' observer of this chart will desire to have a change of price indicated at soon as possible, and therefore the upper price line may make its change of indication as soon as a change of price occurs, and the lower or volume line may be drawn as soon thereafter as the computations and transmissions thereof are completed. However, it may be desirable in certain instances that the volume be enregistered before, or simultaneously with, the price, and the general principles underlying this form of my invention are not thereby altered.

In Fig. 2 is illustrated ay convenient method of sending a series of electrical impulses to a point which may be remote from the operator of the device and which impulses will serve to bring about'the vertical movements of the pen and/or the horizontal movements of the paper which give rise to line 20 of Fig. 1. Since my invention may conveniently include a plurality of devices for producing charts sucha those of Fig. 1 simultaneously at a large numbe \of separated points, it is desirable that the medium of communication between the observing operator and the recording mechanism be one capable of acting in a very short interval of time, over convenient interconnecting channels. Since electrical means of transmission have these desirable qualities, I have illustrated my recording mechanisms as being actuated through an appropriate electrical device and means of communication, but it is to be understood that other means of communication, such as pneumatic, mechanical or the like may be used.

The scale 22 at the left of Fig. 2 corresponds to the upper left scale of Fig. l and the mechanism hereinafter described secures the result that a movement of the sli/ding member 23 to any given position as shown by its indicating pointer 22' shall cause the stylus which is drawing line 20 to take up a vertical position corresponding to this indication on the scale of the device of Fig. `2'.""The sliding member 23 is equipped with two finger tabs 24 and 25, labeled respectively Down and Up. Any suitable mechanical brakinggdevice (not shown) may be employed in connection with these two tabs so that member 23 will remain in a given spot and not be accidentally dislodged therefrom unless one or the other of these tabs is depressed.

Referring now also to Figs. 3 and 4, at 26 is shown a small handle which serves to rotate a spool or reel 21 upon which is wound the strip 22. Another similar spool (not shown) may be used at the'upper extremity of this scale or an automatic rewinding reel may be used at this point to retract the scale when loosed by the bottom reel 21. By means of the rotation of handle 26 the price scale may be shifted, so that indicating pointer 22' will show a different gure without any movement of sliding member 23. Sliding member 23 may be equipped with edges suitably f bent as indicated at 28 to engage in grooves 29,

lying along the edges of a fixed track 30.

Sliding member 23 also has an upper movable bar 3| preferably of insulating material, which serves to bear nger tabs 24 and 25 and which is mounted to be capable of a rotary motion through a limited arc around a pivotal point 32. Mutually balanced compression springs 33 serve to normally maintain bar 3| in a position parallel to track 3|).

Two conductors 34 and 35, made of suitable flexible material so as to allow ready movement of slider 23, enter bar 3| at its center point but are insulated therefrom and terminate in suitably insulated contacts 36 and 31 upon the lower surface thereof. BeneathV each of these contacts is a corresponding stationary lower contact 36 and 31. When nger tab 24, for example, is depressed bar 3| will pivot around point 32 and movable contact point 36 will be brought into engagement with fixed contact point 36' through the necessary compression and expansion of springs 33. The electrical circuit from both stationary contact points 36 and 31 is made through a common sliding contact 38 which is carried by the body of sliding member 23, but suitably insulated therefrom, if the latter be of conducting material. A similar depression of tab 25 will result in a connection of contact points 31 and 31.

Parallel to track 30 is an electrical track 39 formedI of suitable insulating material and provided at intervals with electrical contacts 40 connected with one another and having a common electrical connection by wire fill with pole 4| of switch 42, whose moving blade 42 engages a fixed contact till when it is closed. A conductor l5 leaves this fixed contact and connects to a suitable source of energy as hereinafter described.

The general operation of the impulse transmitting mechanism of Figs. 2, 3 and 4 is as` follows. Slider 23 is placed at the approximate middle point of its path. Switch ft2 is then opened and scale 22 is moved vertically by means of handle 26 until pointer 22 is opposite the value of the commodity existing at the moment when the operation of the device is commenced. It is understood that a similar scale shifting mechanism (not shown) may be employed at the recording chart of Fig.1 to allow a similar initial adjustment of the stylus and scale of values indicated thereby, if so desired. Switch 42 is then closed and when the price of the commodity undergoes alteration, the oeprator will place his finger in the appropriate finger tab and bring sliding member 23 to such a position that indicator 22 will be opposite the new price value. The pressure upon the finger tab causes sliding contact 38 to be connected to one of the two conductors 34 or 35, corresponding to the tab depressed. The longitudinal movement of sliding member 23 will cause the sliding contact 38 to pass over a number of contacts 40 equal to the number of units passed over by indicator 22'.. It is to be understood that contacts 40- are to be of a number corresponding to the price units indicated upon scale 22 and are to be spaced at distances from one another corresponding to the spacing of the price units.

This combined movement of pressure upon the finger tab and longitudinal displacement of the sliding member 23 give rise, then, to a series of electrical impulses correspondent in number to the total number of units of the price change, which impulses are transmitted over the conductor corresponding to the direction of this change, i. e., whether up or down, and arrive at the recording mechanisms hereinafter described.

In Fig. 5 there is shown an enclosing box 56 bearing upon its upper surface a series of push buttons 5| marked with figures indicating the volume of sales in appropriate units. These buttons may be of any suitable number, in accordance with the range of volume of the individual sales. At 52 are shown the individual conductors which proceed from one side of each individual push button and extend to the individual magnets located at the recording apparatus. The other side of all the contacts are joined together by a common conductor which proceeds as indicated at 53 ultimately connecting to the recording apparatus. This conductor serves as a common return for the individual circuits controlled by their respective buttons.

In Fig. 6 button 5I is shown as pressed upwardly by springs 54. When pressure is applied to this button these springs are compressed and the upper contact 55 is brought into engagement with the lower contact 56, thus completing the circuit through this particular button.

Referring now to Figs. '7, 8 and 9, the mechanism is shown which causes the recording pen 68 to rise vertically over the record when button 5| is depressed and then causes it to automatically return to the zero point. At 6I is represented a suitable support, bearing along one side a series of hinged members 62 rotatable through a limited arc upon pivots 63. At 64 is indicated one electromagnet actuated through conductors 65 by the current proceeding from button 5I. It is to be understood that a similar electromagnet is employed in the same position relative to each one of the movable members 62, although the other electromagnets have been omitted from the drawing for the sake of clarity. These members 62 are normally in the inclined position indicated by those represented in the drawings without electromagnets. At 66 is indicated one of these members in the horizontal position which it assumes underthe influence of electromagnet 64 when the latter is excited. Movable member 66 is so balanced that it will remain in the inclined position when magnet 64 is not excited, but will remain in the horizontal position, when once drawn there by magnet 64, even though the exciting current to this electromagnet has been discontinued.

At the right hand portion of member 62 is indicated a movable contact 6l located upon its underside and having connected thereto a suitable conductor 68. At 69 is indicated a xed contact, also connected to another conducting wire 10. Contacts 61 and 69 are so arranged as to form an electrical connection when member 62 assumes a horizontal position.

At 'll is indicated a suitable track upon which slides carriage l2 carrying pen 6|! affixed thereto. This pen carriage has affixed theretoand projecting downwardly therefrom, a toothed rack 13 which serves to move it along track 1I. Rack 13 is actuated by gear wheel 'M which is arranged with teeth of sufficient width to furnish driving power to rack 73, even though only in partial engagement therewith. Gear Wheel 'I4 is fixed to one end of shaft 75, Whose other end is driven from motor 'I6 through clutch mechanism 11.

Shaft 'I5 rotates in suitable bearings '18 and is capable of longitudinal as well as rotational movement therein. Armature 19 is journaled on shaft 15, so that the latter may rotate with respect to said armature, but flanges 80 upon shaft 'l5 cause armature 'i9 to impart to the shaft any longitudinal movement to which the armature is subjected. Stops 8| affixed to stationary track 'H limit the horizontal motion of armature T9, and consequently that of shaft 'l5 in one direction. Electromagnets 82 serve to limit the horizontal motion of armature 'i9 in the other direction. and also to determine its movement in that direction when they are excited through wires 82. It is understood that armature 'I9 is of suitable magnetic material. Springs 19' serve to retract the armature when the excitation of electromagnets 82 is discontinued.

In Fig. 8 ls indicated in detail the mechanism which serves to impel toothed rack T3 in a downward direction, when no other force is acting upon it. 83 indicates a. toothed wheel engaging with rack i3 and actuated so as to be rotated in one direction by means of a coiled spring 84 afxed thereto and to a stationary point in any suitable fashion. This coiled spring is of sufficient size to allow toothed wheel 83 to rotate a sufficient number of times so that rack 'I3 can pass sulciently beneath the wheel. Spring 84 is also arranged so that it will be under tension when rack 'F3 is at the upper end of its vertical traverse, thus causing spring 64 to act as a restoring force tending to move rack 'I3 to its lowest point. when no other portion of the mechanism is imparting any contrary force thereto.

Carriage 12 has aflixed thereto actuating nger 84', which is arranged to engage movable member 66 and cause it to assume an inclined position as carriage 'l2 is impelled upwardly by means of rack 73 and its associated driving mechanisms.

At 85 is indicated a special movable member not actuated by any electromagnet, but capable of rotation through a limited arc.

Referring now in addition to Fig. 10, a movable member 85 is so balanced as normally to rest against `pin 86, but also is so arranged that it exerts no force thereupon suiicient to move the pin, unless it is actuated by external forcible means. W'hen movable member 85 has imparted to it by finger 84 a motion in a counterclockwise direction, it will turn Without affecting pin 86, but when a clockwise motion is imparted to it, it will exert a downward pressure upon pin 86. Pin 86 has affixed thereto bar 81 which is connected by a sliding joint 88 with pivot bar 89 rotating upon an axis 30. Another sliding joint 9i connects pivot bar 89 with vertical member 92. Member 92 extends vertically along the entire length of support 6I and bears along its length suitable supported horizontally projecting pins 93, whose extremities are located beneath one end of movable members 62 and 66, and are capable of a vertical motion which will mpel these movable members into an inclined position when'- the pins are pushed upwardly. A ..1

The operation of the mechanisms of Figs. 5, 6, 7, 8, 9 and 10 is as follows. 'Ihe operator at the central station depresses a button 5| corresponding to the volume of sales which it is desired to record. Closure ofthe contacts of this button causes a current to ow and actuate electromagnet 64. Electromagnet 64 causes inclined movable member. 60 to 'assume the horizontalposition shown in Fig. 7. This movementcloses contacts 61 and 69,.thusclosing` the'circuit'between conductors 68 and 10. IThe closure of this circuit causes electromagnets 02 to be excited.A .These magnets when excited `attract armature 19.

The horizontal movement of this armature imparts a corresponding horizontal movement to shaft A15 which engages clutch 11 and causes shaft 15 to be set in rotation -by motor 16, which latter is in continuous motion while the mechanism is in operative condition. The rotation of shaft 15 causes gear wheel 14 to impart an upward vertical motion to rack 13 thus elevating pen carriage 12.

. When the finger 84' a'ixed to pen carriage 12 comes in contact withmovable member 06 in the horizontal position of the latter, it causes it to .rotate counterclockwise, lthus breaking the circuit of conductors 68 4and 10. The-opening .of this circuit causes electromagnets 82 to no longer be excited, thus allowing springs 19' to retract armature 19 and disengage clutch 11. Spring 84, which has been wound up during the vertical ascent of pen carriage 12, now exerts'its stored energy .by unwinding and pulling down pen carriage 12 to its lowest position.

Finger 84 o-f the pen carriage during its upward traverse has'rotated movable member 85 in a counterclockwise direction sufliciently to allow it to pass by the same, which then resumes a horizontal position. When traveling downward, nger 84. engages member 85 and rotates it in a clockwise direction as it slides by the same, thus pushing downward pin 86. Pin 86 through its connecting bars, pivots and pivotal member 89 imparts an upward motion to vertically moving member 92. One of the pins 93 lwhich project from member 92 then acts upon the movable member 02 which has assumed a horizontal position, such as indicated at 00, and pushes it back into its normal inclined position.

In Fig. 11 is shown a movable rack |00 bearing at its upper end a carriage |0| equipped with a stylus or pen |02 for marking the price line of Fig. 1. This carriage and driving rack slide upon a suitable track |03 and are arranged in such frictional relationship to the track that they will remain immobile in any given position along its length until some force acts to move them in a vertical direction.

Rack |00 is actuated by a gear wheel |04 which engages its lower portion. Gear wheel I|04 is rigidly fixed upon the same shaft |05 as a wheel |00, which latter bears upon its periphery a series of projecting ns |01, and is kept relatively immobile by a light spring |05'I engaging the indented peripheral surface of holding Wheel |06', also upon the same shaft as gear wheel |04. The spring |05 has one end fastened to a suitable stationary or non-rotating part of the mechanism.

At each side of these wheels is a movable tractor member |03 furnished at one end with an armature |09 and vat the other end with a |01 of-wheel |06. Members |08 have slits |08 sliding upon xed pins |09 and also slide in suitably mobile sleeves III in which they are capable of a longitudinal motion, being normally retracted vfrom lthe electromagnets by springs .I I0 compressed between push rods |22 and sleeves The sleeves arecapable of limited motion in a direction Aat right angles to' their length and tensile springs ||2 affixed to suitable supports ||3 tend to maintain these sleeves in a position so that projections ||0 on member |08 will not engage ns |01. e 1

These sleeves are also restrained from approaching the electromagnets by xed stops Tractor members |08 also carry-stop pins I|2 limiting their motion through sleeves |I|.-A

Electromagnets ||4 are arranged 'with pole pieces ||5 adapted to coact with armatures |09, and also with pole pieces ||6 at their other extremities adapted to engage withl other armatures ||1. Y

These electromagnets are aixed to a suitable stationary support and provided with conductors I I8 furnishing energy thereto. A

Tractor members |08 have at one extremity hooks |00 adapted to slide over xedlpins; |0| when members |08 move away from the electromagnets, but to restrain members '|08 from motion towards the electromagnets unless the tractor members are pressed toward the wheel |06, so as to clear these pins. Hook members ||0 are also adapted to engage fins |01 when members I 08 move toward the electromagnets, but to rotate on .pivots I 62 when members I 08 return away from the electromagnets, in such Wise as to not engage fins I 01, thus functioning somewhat as a ratchet and pawl, to convert bi-directional lreciprocating motion into uni-directional rotation of wheel |06.

vArxnatures ||1 are rmly aixed to suitably shaped members vHl) which are capable of a translational motionthrough bearings |20, these latter a'lxed to any suitable stationary portion of the mechanism.

At the ends of the members IIS opposite the ends which bear armatures ||1 are affixed suitable shaped cams |2|. Movable members |00 are equipped at one end with stops |22 adapted to engage the cams I2 I 'of membersl I 9.

Members 9 are also provided with tractor springs |23 afxed to support blocks |24, the

latter being in turn aixed to a suitable stationary point. These tractor springs serve to pull armatures ||1 away from electromagnets II4 when the latter are not energized. Suitable stops may also be provided to limit the motion of armatures |1 away from electromagnets II4.

Referring now to a single one of the electromagnets II4, it is provided with a pair of electrical contacts carried upon suitable supporting brackets |3I, one of which latter is a'ixed to the stationary body of the electromagnet while the other is carried by movable member |08. These contacts are so disposed as to make mutual connection with one another when armature |09 has reached its limit of motion toward pole pieces I I5. Suitably disposed conductors- |32, the one which connects to the movable contact being flexible, serve to afford means of electrical connection to these contacts. A similar disposition of contacts is carried by the other electromagnet II4 and the other movable member |08.

The mechanism of Fig. 11 functions as follows. When electromagnets ||4 are not energized, springs I 23 maintain armatures I |1 against stops |25 as indicated in the case of the lower portion of Fig. 11. This causes members ||9 to move to the left cams |2| so that blocks |22 will be in contact with the tapering portion of these cams. Springs ||2 exerting pull on sleeves cause members |08 to be pulled in such a direction that the hooks ||0 at the ends thereof will no longer lie between fins |01 and therefore will not interfere with the rotation of wheels |04 and |06, as for example by the action of the corresponding hook in the upper portion of the drawing.

' One electromagnet is so connected as to be excited by currents when finger tab 24 of Fig. 2 is depressed-while the other electromagnet will be excited only when Afinger tab 25 of Fig. 2 is depressed. Thus it will be seen that one electromagnet corresponds to a downward motion of the signal sending mechanism of Fig. 2 while the other electromagnet corresponds to an upward motion of this mechanism.

When a signal impulse arrives at one of these electromagnets the armature I1 is drawn toward the electromagnet, as shown in the upper portion of the figure, thus causing the corresponding cam |2| to move to the right and forcing, through the'intermediary of stop 22, hook ||0 into a position between ns |01, while sleeve moves and puts spring H2 under tension. Simultaneously the holding hook |60 is released from its pin |6| and as the corresponding armature |09 is subject to -attraction by this same electromagnet, it consequently moves toward the corresponding pole piece I I 5 thereof.

'Ihis motion causes hook ||0 which is now lying between two of the fins |01 to engage one of these fins and so rotate wheels |06 and |04 to a limited extent in one direction, while spring ||0 is compressed. Upon release of the current the above steps are reversed, except that hook I I0 folds back and passes idly over fins |01, as previously described.

It is evident that a series of current impulses such as those lderived from the transmitter of Fig. 2 will give rise to a series of movements, each through a small arc of wheels |06 and |04, thus causing pen carriage |0| to move in a vertical direction. When the signals through this electromagnet cease the' restoring action of spring I I2 completely disengages hook ||0 from ns |01, thus leaving these ns free to be acted uponby the next set of signals.

It is evident that one electromagnet will cause a clockwise rotation of gear wheel |04, while the other will cause counter-clockwise rotation, which rotations are in turn translated through the intermediary of rack |00 into the ultimate vertical movements either in an upward or downward sense, of recording pen |02.

At the same time it will be evident that when either one of movable members |08 reaches the limit of its stroke toward electromagnets ||4, contacts |30 will engage one another and thus afford means for sending an actuating electrical impulse to the paper moving mechanism hereinafter described.

The mechanism of this figure thus constitutes means for giving rise t0 four sequential operations by a single current impulse. First, the proper driving hook ||0 is selected and engaged with the wheel |06. Second, the wheel is rotated in the desired direction. Third, the relay contacts actuate the paper feed mechanism, to be hereinafter described. Fourth, the various parts are restored to their initial condition without giving rise to any undesired movements of the actual Inal recording pens or paper.

Other suitable devices well known in the mechanical art, such as two oppositely kworking pawl and ratchet wheels upon a common shaft, may be used to secure this step by step motion in opposite directions, instead of the use of the above described mechanism.

Referring now to Fig. 12, |40 represents an electromagnet acting upon an armature |4| which is normally held away from the magnet by tensile springs |42 affixed at their extremities to suitable stationary supports |43. Armature I 4| has affixed to it a driving rod |44 operating through a bearing |44', which communicates its motion through a link reversing motion indicated at |45 to an indent actuating member |46, which engages the teeth |41 upon the periphery of wheel |48. Teeth |41 are arranged at such angles in relation to the indent actuating member |46 that a reciprocating motion of member |46 will give an intermittent but unidirectional motion to Wheel |48.

Wheel |48 may be aixed to the roll (not shown) which feeds the paper horizontally beneath the recording pens, or alternatively to means for moving the pen mechanism itself hori- Zontally along the paper.

In the operation of the mechanism of Fig. 12, electromagnet |40 is excited when an impulse from the central station has caused the driving mechanism of Fig. l1 to complete one working stroke, thus closing relay contacts |30. The excitation of magnet |40 causes armature |4| to move toward it. This movement communicated in turn through members |44 and |45 causes member |46 to move over teeth |41 of wheel |48, but without causing any motion of the wheel itself. The release of the armature |4| by the breaking of the electrical circuit actuating magnet |40 allows retractile springs |42 to function and return armature to its original position. While armature |4| is returning to position, its movement is communicated through members |44, |45 and |46 to the teeth |41 on wheel |48, which latter is thus rotated a distance proportional to the play of armature |4|. The record paper is thus given a'horizontal motion for a uniform distance, each time that the mechanism of Fig. 11 moves one stroke- In certain cases, as hereinafter described, it may be desirable that the paper driving mechanism do not function for each stroke of the mechanism of Fig. l1. Accordingly a push button switch (30| in Fig. 13) is so connected that the circuit actuating electromagnet |40 may be broken at the central station, when the operator so desires. This will allow the mechanism of Fig. l1 to function without the simultaneous functioning of the mechanism of Fig. 12.

Fig. 13 illustrates one suitable circuit for connecting together the various mechanisms located at the central station and at the subscribers station. The portion of this schematic diagram to the left of the dotted connecting wires represents the portion of the mechanism which may be conveniently placed at the central station, while the portion at the right represents the mechanisms conveniently placed at the subscribers station. However, many pieces of mechanism, especially batteries and similar power sources may be more conveniently placed entirely at the central station. As the position- .ing ofthese various parts forms no integral por- `motion of the paper.

tion of my invention, such variations are not herein described.

The source of energy for the central station is represented schematically as a battery at 302, but may be, of course, any other convenient form of electrical energy. Other batteries 303 and 304 actuate local circuits at the subscribers station.

It may be possible by means well known in the electrical art to effectuate the power supply to these local circuits by energy suitably branched oi or derived through transforming mechanism from the single source of energy supply 302.

At the extreme left of Fig. 13 is seen the impulse producing device of Figs. 2, 3 and 4. The essential electrical parts of this mechanism bear the same numbers as in the case of these figures and can be readily identified by referring thereto. Push button switch 30|, referred to in the description of Fig. 12, is of the normally closed type and is connected by conductors 305 and 306 to the subscribers station, so as to allow the breaking of the circuit energizing electromagnet |40, when the button 30| is depressed.

The depression of button 30| allows the operator to elevate or lower the price pen without any This may be desirable when the price undergoes an alteration of value giving rise to more than one impulse, i. e., an alteration of more than one unit of price, at one instant without the lapse of a time interval which would, were it not for the provision of this button, cause more than a single horizontal line.

Atl the central station are also indicated buttons 55 which represent two of the plurality of buttons indicated in Fig. 5. Wire 53 connects the common return of these buttons to vanother power supply indicated schematically at 301 as a battery. This power supply may be identical with power supply 302, 303 and 304, or all these subscribers station and functions as a common Y, return wire for all the circuits actuating the electromagnets 64 thereat. It is to be understood, of course, that a number of lbuttons 55 are necessary in order that a series of points may be recorded by the volume pen at the recording instrument, since each button controls only one of the movable members 66 of Figs. '1, 8 and 9. A number of conductors 52 must also be employed, one for each button used. A common return wire 309 serves to furnish thereturn connection from the ysubscribers` station to the power supply 302.

The subscribers station is' indicated at the right portion of Fig. 13, the mechanism moving the price pen being indicated at the upper por- `in connection with these gures.

It is understood that other suitable electrical circuits may be substituted for those herein shown, to accomplish' the' same ultimate results in producing the charts o f my invention. For example, the dotted lines may represent not only physical conductors, but may be electrical channels, either upon wires or of a radiant character in space.

Theenergy supply of pen driving motor 16 is not indicated, as it may be any local source suitable forithe purpose, or may be supplied from the central station over appropriate channels, which may also beused tocarry the record actuating signals by means well known in the electrical art.

While I have shown for the sake of clarity the important circuits of this figure as separate wires, it is apparent that one skilled in the art can combine some of these conductors or channels, in the interest 'of economy,without avoiding the inventive ideas underlying the circuits herein shown.

In Fig. 14 is shown a record chart 404 where the horizontal dimension represents uniform time intervals. This may be secured in the well known manner of making such record charts, either by a uniform motion of the paper beneath the recording Styli or else by a uniform motion ing such motion at a uniform Velocity are Well known and may include such devices asclockwork or constant speed driving mechanisms,

yof the styli themselves.` Mechanisms for securactuated by electricity or other convenient motive power. A

The pen marking the upper record line40| of Fig. 14 is actuated in a vertical direction in accordance with the instantaneous average price of a selected group of commodities. This average is automatically obtained by means hereinafter described. The pen marking this price curve ,moves only when the average price changes by. a

the horizontal lines thereof.

The record line 40| may use the'same horizontal scale as that of the volume line 402, described below. Its vertical scale may be. upon the paper or may be as shown on a ribbon 401, adjustable by means such as those indicated in the case of ribbon scale 22 of Fig. 2.

The .mechanism moving this pen may be substantially identical with that of Fig. 1l, with the omission of relaycontacts |30, since the paper now moves uniformly and independently of the movements of this pen.

Record lines 402 represent by their vertical dimensions the relative total volume of sales of the group of commodities whose average price level is represented by record line 40|. The volume lines may be recorded by mechanism similar to that shown in Figs. "I, 8, 9 and 10, and may be controlled by akeyboard located at the central station and similar to'that illustrated in Figs. 5 and 6.

Lines 402 may be made in this case at uniform time intervals, so that an observer of this chart can tell the volume of trading which has occurred in the commodities represented thereupon at short intervals of time, such as one minute.

The indications representing time elapsed may be marked upon a scale 408 acting as a portion of the framesurrounding the visible portion of chart paper-404. This scale will then screen the undesired portion of lines 402, such as those parts below zero and where the pen may drag horizony Lines 402 may also have a scale which is graduated so as to read the average volume. Such a scale may have its indications in values equal to the total volume divided by the number of stocks in the group to be averaged.

The volume record lines 403 indicated by dotted lines, may be in practiceY continuous lines with some distinguishing characteristic such as color, to allow them to be more readily differentiated from lines 402. These record lines may be made by a mechanism similar to that employed for actuating the recording stylus which gives the record lines 402. Record lines 403 are made only at the instant when the average price of the selected group of commodities undergoes the preselected minimal change which causes the stylus recording the price line to move in a vertical direction. The signals actuating this stylus may be driven by current from a keyboard such as that of Figs. 5 and 6.

It will thus be seen that the record chart of Fig. 14 allows the observer, at a glance, to see the average price of the group of commodities, the total sales in each short unit of time of these commodities, and the total sales elapsing between each change of price in these commodities.

It'is, of course, possible to omit any of these records which do not interest the particular observer desiring such a record chart. Furthermore, it is possible upon this same record chart to add to the record additional lines denoting any other desired changes, provided that such records `are plotted upon a time scale uniform with that of the other records above described.

For example, an additional record line showing the fluctuations in price and/or the volume trading in a given single commodity may be recorded upon this same sheet, and differentiated from the records of the group changes by any suitable means, such as the use of vari-colored inks or the like, for the respective recording styli.

The frame surrounding the record chart of Fig. 14 is supplied in both the vertical and horizontal dimension with a plurality of scales suitable for the values recorded in the respective dimensions as above mentioned. These scales may be of a shifting character, in order to increase the flexibility of the apparatus, as explained in connection with the record chart of Fig. 1.

Referring now to Figs. 15, 16 and 1'1, there is represented in these figures the essential and novel portions of an electro mechanical device for obtaining the algebraic summation of changes occurring in the lprices of a predetermined number of commodities such as stocks, bonds, grains and the like. This algebraic summation is expressed in numerals representing the average -price of this selected group of stocks.

This electro mechanical device, termed for convenience averaging device, also operates to transmit electrical signals to a recording pen, whenever the numerical average obtained by the device undergoes an alteration of value.

A further possible function of this averaging device is to allow the ready transformation of values expressed in vulgar fractions to those ex pressed decimally, or vice versa.

Fig. 15, which illustrates an elevation of one end of this averaging device, shows two solenoids 5I0 and 5I I, acting upon plunger type armatures 5|2 and 5I3 respectively. These solenoids may be of any convenient type and are illustrated as having insulating washers 5I4 at their ends and a hollow insulating lining 5I5, lining the hollow substantially cylindrical space which is situated at the center of such solenoid. Through this hollow center space plytwo shafts 5 I 6 and 5I1 capable of longitudinal motion through bearings5 I 8 and 5I9 at their upper ends and through corresponding bearings 520 and 52| at theirlower ends. The plunger type armatures 5I2 and 5| 3 are firmly afxed to these shafts and the longitudinal motion of the latter may be so limited by suitable stops (not shown) that armatures 5I2 and 5I3 ply between the positions shown respectively at the left and right sides of this picture. Solenoids 5|0 and 5|I are supplied with signal-bearing en# ergy through wires 522 and 523 as hereinafter described.

A rotating wheel 524 rotates upon a suitable shaft 525 and is maintained in any one of a number of suitable angular positions by means of a ratchet 526, also upon shaft 525 and with which a light spring pawl 521 coacts. This pawl may be fastened at one end to a suitable fixed point 528.

Wheel 524 is supplied at its peripheral surface with ns 529 projecting radially therefrom. These fins correspond in number to a factor obtained by dividing the total number of stocks in the preselected group by the conversion factor, if any be used, for changing the unit used in recording the price change of one of such stocks from one system of notation to another. For example, in the case indicated there are eight such fins, 529, and if ten stocks constitute the group to be recorded, and one of such stocks undergoes a change of price of 1/8 of a unit, the wheel 524, of which wheel 530 is a xed part, will serve, in conjunction with wheel 55| of which wheel 550 is a fixed part, to convert the vulgar fraction 1/8 into its equivalent decimal 0.125. This conversion takes place by virtue of the wheel 524 making one revolution in eight steps, whereas the wheel 55| makes one revolution in steps of wheel 524; the gear ratio between said wheels 524 and 55| being ten to one. In other words, turning of wheel 524 through ten steps corresponds to 1,@ rotation of wheel 55| or 0.125. This system may conveniently be employed for expressing averages of ten stocks, since the eight ns of wheel 524 correspond to the vulgar fraction customarily employed in indicating change of price of a stock. It is to be understood that, if the same unit be employed in expressing price changes and average value, the numerals upon wheel 530 and the ns upon wheel 524 may be identical in number.

Referring again to Fig. 15, shafts 5|6 and 5I1 carry pins 53| and 532 while bearings 520 and 52| are also supplied with xed pins 533 and 534. Between the two pins on each shaft and its respective bearing there is fastened a retractile spring indicated on the left side at 535 in its expanded position, and at the right side at 536 in its contracted position. These springs serve to maintain shafts 5I6 and 5|1 at the lowest point of their longitudinal movement, when electromagnets 5|0 and 5|| are not excited. Shafts 5|6 and 5|1 also bear pawl members 531 and 538, respectively. Pawl 531 is so arranged by means well known in the mechanical art so that it can rotate upon shaft 5|6 through a limited arc in a counter clockwise direction but is prevented by stop 539 from moving in a clockwise direction to an angular position beyond that indicated in the drawings. Pawl 538 functions in exactly the opposite fashion by means including stop 540.

Wheel 524 is so located in respect to the two shafts 5|6 and 5I1 and to their pawl members 531 and 538, that when the electromagnet 5I| attracts its armature, and so causes an upward motion of its pawl member, it will engage a fin located at the position indicated by numeral 54| and cause itto move upwardly to the position indicated by numeral 542, thus rotating wheel 524 through a limited number of degrees in a counter clockwise direction.

When electromagnet H ceases Ato be excited,

, retractile spring 536 will cause shaft 5|1 toreturn to its lowest position of longitudinal traverse and pawl 538 will be correspondingly returned to the position indicated in this figure. While pawl 538 is moving downward, it rotates upon shaft 5|1 in -such fashion as to slide by any fin upon Wheel 524 with which it may come in contact, and the light pawl and ratchet arrangement indicated at 526 and 521 serves to prevent wheel 524 from rotating under the influence of such sliding engagement. The electromagnet, shaft and pawl assembly indicated at the left side of Fig. 15 serves inover an arc determined by the angular displacement of fins 529 situated upon this 7wheel, and that this motion is of a step by step character and cumulative in its result, giving an algebraic summation of the positive and negative impulses reaching it.

Referring now to Fig. 17 certain of the parts already indicated are apparent at the right hand portion in this figure. The various numbered wheels indicated in this iigure are arranged in a fashion commonly employed to constitute what is termed a numbering head. This numbering lhead is a type of mechanism well known in the mechanical art and employed in many places, such as in the odometric recording mechanism commonly associated with tachometers employed upon automobiles ,and the like. Such numbering head mechanisms' so operate that one numbered wheel thereof upon making a complete turn causes its adjacent wheel to move the same fractional portion of a complete turn as is indicated by the total number of digits displayed upon its surface. This insures the display at al1 times of a complete series of digits, each one being wholly displayed at any one instant, with the exception of the digits upon the primary driving wheel, which is usually at the right hand extremity of the series of wheels and which may be fractionally exposed. Such mechanisms very often employ a decimal system of notation, and accordingly may rotate in the ratio of 10 to Twithrrespect to each other.

In Fig. 17, the primary driving wheel is that indicated at530, which is rmly fixed to wheel 524 so as to be rotated therewith when the latter is turned by the mechanisms of Fig. 15, some of which are omitted from Fig. 1'7, for purposes of clarity.

' 'I he next numerically adjacent wheel is in' dicated at 55|] and has firmly afiixed to it so as to rotate therewith, a wheel 559 bearing upon its periphery contact' fins 552 extending radially therefrom. Other wheels indicated at 553 and be made oi insulating material through which project radial :tins 552 made of a suitable conducting material such as brass. These fins project outwardly from a conducting ring 558 1o-l thereto at one end of both and fastened at their other ends to fixed pins 511. Wires 518 are connected by suitable flexible leads with conductingI strips 513.

In the operation of the signal transmitting mechanism indicated in Figs. 16 and 17, .fins 552 come in contact with either one of the contact strips 513 in accordance with the direction that wheel 55| is rotated, thus closing acircuit through the corresponding conductor 518. As wheel 55| continues to rotate, insulating body 514 will swing around pin 515 and allow fin 552 to pass by the same. Springs 516 will then restore insulating body 514 to its vertical position between fins 552. It is evident then, that continued rotation of wheel 55| in either direction will send a series of step by step impulses over the corresponding conductor 518. Conductors 518 are connected as hereinafter described, with electromagnetic devices operating upon an average price. recording pen.

The electromagnets of Fig. 15 receive step by step impulses from the plurality of impulses with which they are associated, and since such impulses vproduce identical results in the apparatus of Fig. l5, they. will serve to operate upon the numbering head of Fig. 1'1 in an identical fashion. Thusa series of increases in the price of any one stock or of a number of different ones will cause the continued rotation of drive wheel 530 in onefdirec'tion.

When such rotation has totaled a complete single turn of this wheel, the numbering head mechanism will cause wheel 55| to rotate to an angular extent determined by the gear ratio employed to couple the two wheels, in this case 116 of one complete revolution, thus sending one signal over a conductor 518 to the average pen recording mechanism. A series of decreases in the price of any one or a num of the stocks will eventuate in the sending of a single signal over the other conductor 51B to the average pen.

In case that more or less than ten stocks are being averaged, or in the case that either the vulgar or the decimal system of notation is employed throughout the number of ns and/or the gear ratios of the numbering head will be altered in accordance with the principles above outlined.

It is evident that wheels 531i and 55@ are merely convenient means of indicating the angular positions of the respective rin-bearing wheels afilxed to them. Acordingly they may be omitted and the indicating numerals placed upon the fin-bearing wheels themselves.

The diagrammatic circuit of Fig. 18 illustrates at the left hand side a portion of the apparatus which may be employed at the central station to transmit signals over the channels indicated by the dotted section of the wires to the recording apparatus of which only a portion is indicated at the right hand of this figure.

At 5| is indicated a button, closing contacts 55 and 56 which send current from battery 301 through a conductor 52 to the subscribers station. A second button of this type is also indicated with another conductor 52 leading to the subscribers station. A common wire 308 serves as a return for the individual wires 52 leading to each button. At 55 are indicated the wires at the subscribers station which are in connection over the communlcation channels with wires 52 and 308.

Conductors 65 may be connected to volume recording apparatus at the subscribers station, of substantially the same type as indicated in Fig. 13, and accordingly this apparatus has not been shown in Fig. 18, in order to avoid unnecessary duplication. As in the case of Fig. 13, buttons 5| are provided, to a number corresponding to the total number of discrete values of Volume which are to be indicated, and each button is provided with its individual wire 52 leading to a separate electromagnet at the subscribers station.

Referring now to the upper left hand portion of Fig. 18, there is seen a step by step signal producing apparatus substantially corresponding to that indicated in Fig. 13. This also incorporates a slider 38 contacting with buttons 40 and a circuit selector device, including a common contact member 3| and two individual contact members 36 and 31. Below this rst impulse transmitter is shown a second such transmitter having a plurality of contacts 640 mounted upon a suitable insulating strip 539 and connected together by conductor 640 to switch contact 64 l which latter will in turn be connected to xed contact 644 when switch handle 643 is closed.

A movable sliding Contact 538 plays along strip 639 over contacts 540 and is connected to a common contact making member 63| cooperating with two separate contact members 63B and 631 to select a desired circuit.

At the lower left hand corner of this diagram is indicated still a third contact making device similar to those indicated above. In this case contacts 140, connected by wire 14D through contact 14| and switch blade '|43 to xed contact 144 are shown, A movable slider 138 is connected to a contact member 13| which may be selectively engaged with either one of the two contacts '|36 and 131.

These above described three separate impulse transmitters are representative of a series of such transmitters, one of which is provided for each stock of which record is to be kept and which is to enter into the iinal average obtained by the averaging mechanism previously described.

In the case of al1 these impulse transmitters the iixed contacts of the respective switches are connected to a common lead 100, and the circuit selecting contacts 35, 31, 336, 631, etc. are also connected to common lead wires 134 and 135 which terminate respectively in the two solenoids 5|0 and 5| I.

These solenoids are those indicated in Fig. 15. The armature plungers 5|2 and 5|3 which cooperate with these solenoids are diagrammatically indicated. The return circuit of both these solenoids is made through conductor 10| to battery 102, whose other terminal is connected to the common returnwire 100.

It can thus be seen that any one of the three impulse senders above described, or any one of an indenite number of such transmitters, similarly connected to the common wires 100, 135 and 130, can be operated at a given instant, and that the operation of any individual transmitter will send impulses through solenoids 5 I 0 or 5| I exactly similar to the impulses derived from the operation of any other one of the transmitters. Thus a rise in the stock indicated upon any of the transmitters will produce an excitation of the solenoid 5| l, which operates the averaging mechanism in a positive direction, while a fall of price of any stock indicated by any transmitter will likewise produce an identical signal in the solenoid 5 I 0, designed to operate the averaging mechanism in a negative direction.

The averaging mechanism; whose construction and operation has been indicated in Figs. 15, 16 and 1'7, is here indicated diagrammatically by the box labeled Average box." The wheels bearing fins, the recording and the averaging mechanisms contained therein are mechanically actuated by solenoid armatures 5|?! and 5| 3.

'Ihe contact making mechanism of the signal producing device described in Figs. 16 and 1'7 is indicated withinthis average box and bears reference numerals corresponding to thoseof Fig. 15.

Conductors 518 are connected to individual communication channels, and convey respectively the impulses which give rise to an upward and to a downward motion of the average price recording pen at the subscribers station. A common return conductor 562 leads to one side of a battery 103. The other side of this battery is connected by conductor '|09 to the subscribers station and serves as a common return from the recording mechanism thereat.

Conductors 518 are connected at the other extremity of their respective communication channels to conductors H8 which convey the current therefrom to electromagnets 1|4. These electromagnets derive their common return through conductor 103', connected through another channel to conductor '|09 at the central station.

Electromagnets 1|4 operate in substantially the same fashion as the electromagnets ||4 indicated in Fig. 13. 'I'hese electromagnets operate upon mechanisms, as shown in Fig. 11, giving rise to a step by step vertical motion of the price recording pen. However in this case, auxiliary relay contacts |30, together with their mechanical supporting parts and attached electrical conductors, are no longer needed and may be omitted.

These contacts served to actuate the mechanism .of Fig. 12 which determined the relative horizontal motion between the recording pen and the paper. In the case of the recording pen actuated by electromagnet 1|4 of Fig. 18, a continuous relative motion between this pen and paper is secured by means such as clockwork, an electric motor, or the like, and accordingly the mechanism of Fig. l2 is in this case no longer needed.

As in the case of Fig. 13 it is to be seen that Fig. 18 is for the sake of clarity drawn with each individual part as a separate unit. It is to be understood that many of these individual parts can be combined into a single unitary structure. For example, the various batteries shown may be replaced by branch circuits derived through suitable intermediary means from a common energy source, which may be a dynamo or other suitable electrical energy producing means. likewise certain of the communication channels between the central station and the subscribers station may be combined with one another. Such communication channels also may be of a discrete electrical nature, although of a common physical nature, such as carrier channels of various irequencies upon a single conductor, or radiated through space.

Many variations of the records indicated in Fig. 1 and Fig. 14. are possible. For example, the volume pen which produces lines 2l may be arranged Without means for automatically returning it to zero after each indication.

In this case the pen will produce horizontal lines upon the record chart between each signal, and will produce a stepped record similar to that indicated at 2li. In the case of this stepped type of record each successive vertical portion will indicate by its length the volume sold since the previous vertical line and the overall point reached by the vertical line last drawn will indicate the summation of all such volume sales.

Likewise in the case of Fig. 14 the volume record pens producing the continuous and/or dotted lines may be arranged without an automatic zero return. They will then produce a record of the stepped form and may have zero returnA release electromagnets in 'a fashion such as described in the foregoing paragraph.

Still other combinations of certain elements of the charts of Figs. l and 14 are possible; for example, the chart of Fig. 1i, instead of moving uniformly in a horizontal direction, may be impelled by a mechanism such as that of Fig. 12, actuated through auxiliary contacts such as those indicated by the numerals i3@ upon the line drawing device shown in Fig. 11, and the volume record may be made only when a price change occurs.

This assembly of devices will give records of the general type ci those shown in Fig. i, but the price line will represent the average price of a-selected group oi stocks, instead of the price of a single stock and the volume line may then represent either the total or the average volume of sales of such selected group, as explained in vconnection with the description of Fig. 14.

Other combinations of the various mechanisms above described may be made, to secure different types of record charts, in accordance with the data required by the users of such charts. The electrical and mechanical combinations needed to secure such combination records may be readily devised by those skilled in such arts, in the ltiight of the foregoing disclosures and explanaons.

While I have described certain electrical and mechanical devices for producing the charts or graphical records of my invention, other similar or functionally equivalent mechanisms may be substituted for those hereinbefore shown, to indicate, transmit and/or produce such records, without thereby transcending the limits of my invention.

Many other changes and modications of my invention will be apparent to those skilled in the l average for causing operation of said recording means.

2. Apparatus of the character described comprising means for causing values to be averaged, a remote receiver comprising a recorder, electric transmitting means controlled by the first mentionedl means and connected to said receiver, said transmitting means comprising a circuit controlling element and means for operating said element only in response to a change in said average in excess of a predetermined amount.

3. Apparatus of the character described, comprising means for averaging values of items of a group, transmitting means for operating said averaging means in accordance with a change in value of any of said items andcausing said averaging means to indicate the new average of the values of the items, a remote receiver, electrical means controlled by said operating means for sending electric signals to said receiver whenever a change in the average value exceeds a predetermined amount, and means at said receiver responsive to said signals for causing the production of a graphic record showing said averages.

d. Apparatus ofthe character described, comprising means operable in accordance with different values, means including electrical transmitting means under the control of the rst mentioned means for transmitting changes in averages of said values when said average value changes are in excess of a predetermined amount, the second mentioned means also including means for preserving and accumulating average value changes of less than said predetermined amount, and a remote receiving means comprising a recorder controlled by said transmitting means to produce a graphic record of the transmitted average value changes.

5. Apparatus of the character described, comprising means for causing values to be averaged, a remote receiving means comprising a recorder, means controlled by the first mentioned means for transmitting to said receiving means electrical impulses corresponding in number to the number of units of change in the aforesaid average, and means responsive to each of said impulses for actuating said recorder to produce a corresponding record of the change in average.

6. Apparatus of the character described including a transmitter for sending electrical signals corresponding with diierent values, means responsive to said signals for averaging said values, means responsive to said last named 'J means for electrically transmitting other electrical signals indicating changes in said average, and recording means at a distance actuated by said other signals and recording said average changes.

'1. In a system of recording, a transmitter for sending electrical impulses each representing an increment of value, a device responsive to said impulses for calculating the average value of said impulses with respect to a predetermined base, electrical means controlled by said device for transmitting other impulses, 'each representing a predetermined change in average value to a distant point, and means located at said distant point and responsive to said other impulses, for recording said changes in values.

8. In a system of recording, means operable in correspondence 'with variable values, a device controlled by said means for calculating the average of said values with respect to a predetermined base, electrical means controlled by the first mentioned means for transmitting to a distant point impulses each representing a predetermined change in said average, and means located at said distant point and responsive to said impulses for recording said changes in average.

9. Apparatus of the character described, including manually actuated means settable in accordance with values, means controlled by said manually actuated means for averaging said values, means actuated by said averaging means for transmitting electrical signals, and means for translating said signals into a graphic record of m said averages.

10. Apparatus of the character described ln- 

